Is Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Miami was a Seller's Market.
Housing Prices in Miami, FL
How much do homes in Miami, FL cost?
Median Sold Price
$540,091
$380/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Miami was $540,091 in March 2024, up 6.9% from last year, and the median price per square foot was $380.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $375K | $380K | +1.3% |
2 Bedrooms | $430.9K | $425.2K | -1.3% |
3 Bedrooms | $511.1K | $549.6K | +7.5% |
4 Bedrooms | $650K | $699.5K | +7.6% |
5+ Bedrooms | $858.9K | $1.0M | +16.4% |
Summary: Miami housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 16.4%.
Median Sold Price Compared To Nearby Cities
North Westside | $424.2K | $466.7K | +10.0% |
Miami | $505.1K | $540K | +6.9% |
Miami Shores | $1.0M | $1.0M | +3.8% |
Coral Gables | $1.0M | $1.0M | -2.7% |
Housing Supply in Miami, FL
How many homes are available in Miami, FL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
6,766 | 7,379 | +9.1% |
Summary: The Miami real estate market had 7,379 homes for sale in March 2024, a 9.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1,151 | 1,268 | +10.2% |
2 Bedrooms | 2,146 | 2,346 | +9.3% |
3 Bedrooms | 1,821 | 1,955 | +7.4% |
4 Bedrooms | 1,065 | 1,143 | +7.3% |
5+ Bedrooms | 583 | 667 | +14.4% |
Summary: The Miami housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.2%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 14.4%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
778 | 883 | +13.5% |
Asking Price vs. Sold Price
619 Homes Were Sold
Under Asking
149 Homes Were Sold
At Asking
115 Homes Were Sold
Over Asking
Summary: A total of 883 homes were sold or pending in Miami in March 2024, up by 13.5% month-over-month. Of the 883 sold homes, 70% were sold under asking, 17% were sold at asking, and 13% were sold over asking.
Days on Market for Miami, FL
How long does it take to sell a home in Miami, FL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
60 Days | 59 Days | -2.2% |
Summary: Homes in Miami had an average of 59 days on market in Mar 2024, down by 2.2% compared to last year.
Breakdown of Home Sale Times
404 Homes Were Sold
Under 30 Days
274 Homes Were Sold
In 30 - 90 Days
205 Homes Were Sold
Over 90 Days
Summary: During March 2024, 883 homes were sold in Miami; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.